Dornafarm Suceava doubles capital

Shareholders of Dornafarm Suceava (ticker: DOFA) have approved the capital increase of up to 6.4 million lei via rights issue, according to a press release of the company remitted to Rasdaq stock exchange.

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The company said it would issue additional 12.29 million shares aimed at bringing its capital to 12.28 mln lei.

The new shares to be issued will have a face value of 0.5 lei, 40% higher than the closing quote of 0.3lei/share.

The capital increase would be an underwritten rights issue with preferential subscription rights for ordinary shareholders. After the procedure, the remaining shares will be annulled.

Shareholders of Dornafarm gave the go-ahead to the merger with the drug distributor Farmaceutica Remedia (RMAH). However, talks have been put off for 2010.

Dornafarm has a share capital of 6.14 mln lei, divided into 12.28 mln shares at a face value of 0.5 lei.

The main shareholders of the company are Asimed Bucharest with 25.27%, Constantin Rabanca with 18.61% and Hedera Farm with 13.88% stake.The company’s market cap is 3.68 mln lei (€0.86 mln) according to 0.3lei/share closing quote.

Bermas Suceava doubles profit on cost-cutting

Suceava-based brewer Bermas (ticker: BMS) reported that net profits almost doubled in the nine months through September this year, to 2.05 million lei (€485,000) as revenues outpaced expenses.

In the first three quarters in 2008, Bermas reported after-tax profit of 1.07 million lei. However, after six months, the brewer recorded a loss of 110,250 lei, and a third-quarter profit of 2.16 million lei. The company’s revenues increased by 10% in January – September from 18.78 million lei to 20.61 million lei (€4.87 million). Bermas posted total revenues of 20.63 million lei (€4.88 million) in the first nine months, up 2.3% from year-ago period. Total expenses...